In a powerful reflection on India’s economic transformation, Vice President Jagdeep Dhankhar recalled his first parliamentary session and said how India’s foreign exchange has changed from 1989 to now. On Sunday, he exaggerated that India’s gold, in its physical form, was sold in two banks in Switzerland.
Recalling India’s nametag of ‘Sone Ki Chidiya’, he said, “I have seen with my own eyes the India that was once referred to as the ‘Sone Ki Chidiya’ (Golden Bird). But that very India’s gold, in its physical form, was sold in two banks in Switzerland through flight. Why? To sustain our physical credibility.”
Recently, the Reserve Bank of India (RBI) moved 102 tonnes of gold from the UK to India, boosting the country’s domestic reserves amid growing geopolitical uncertainties.
Dhankhar made a comparison of India’s economic progress and said, “At that time, our foreign exchange reserves were barely around 1 billion US dollars. But today, our foreign exchange reserves have surpassed 700 billion US dollars.”
He further stated that individuals involved in commerce and business should not face the “heat of the system,” as they are the job creators. He also emphasised that the principle of “economic nationalism” is more important than the fiscal gains of a few individuals.
“They are economy drivers …They have learned the art in this country to give back to the society. By and large they do it,” he said while addressing an event at a private educational institution MATES.
